Disclosures

The information provided by SkyOak (or any portion thereof) may not be copied or distributed without SkyOak’s prior written approval. All statements are current as of the date written and does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation.

The standard fee schedules for SkyOak’s strategies are shown in the firm’s Form ADV Part 2. SkyOak and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with SkyOak of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.

Performance

Past results are not necessarily indicative of future performance and are no guarantee that losses will not occur in the future. Future returns are not guaranteed and a loss of principal may occur. The standard deviations, information ratios and allocation targets may be higher or lower at any time. There is no guarantee that these measurements will be achieved. The information provided should not be considered a recommendation to purchase or sell a particular security. Any specific securities identified do not represent all of the securities purchased, sold or recommended for advisory clients, and may be only a small percentage of the entire portfolio and may not remain in the portfolio at the time you receive this report. You should not assume that investment decisions we make in the future will be profitable or will equal the investment performance of the past. The performance shown is compared to several indexes shown herein. Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with managed accounts or investment funds. The number and types of securities found in the index can differ greatly from that of the accounts held in the strategy shown. Investments cannot be made directly in an index. Diversification does not guarantee a profit nor protect against loss.

Actual Performance – See Additional Specific Performance Disclosures

Any performance shown is for the stated time period only; due to market volatility, each account’s performance may be different. Returns are shown net of management fees, trading costs, and other direct expenses, but before custody charges, withholding taxes, and other indirect expenses. The returns shown assume the reinvestment of dividends and other income. In the case of projected performance and cash flows, it is presented in response to client’s request. Performance is expressed in U.S. dollars unless noted otherwise. Performance results for one year and less are not annualized. The performance shown is for the stated time period only; due to market volatility, each account’s performance may be different. Returns are shown net of management fees, trading costs, and other direct expenses, but before custody charges, withholding taxes, and other indirect expenses. The returns shown assume the reinvestment of dividends and other income. In the case of projected performance and cash flows, it is presented in response to client’s request. Performance is expressed in U.S. dollars unless noted otherwise. Performance results for one year and less are not annualized.

The estimated fair values of certain investments of underlying funds, which may include private placements and other securities for which prices are not readily available, are determined by the general partner or sponsor of the respective underlying funds and may not reflect amounts that could be realized upon immediate sale, nor amounts that ultimately may be realized. Accordingly, the estimated fair values may differ significantly from the values that would have been used had a ready market existed for these investments. The fair value of the Partnership’s investments in underlying funds generally represents the amount the Partnership would expect to receive if it were to liquidate its investment in the other underlying funds, excluding any redemption charges that may apply.

Back-Tested Results

Any back-tested results based on simulated or hypothetical performance have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown.

Any case studies are intended to illustrate products and services available through SkyOak. They do not necessarily represent the experience of other clients nor do they indicate future performance.

Research/Outlook Disclosure:

This information was produced by and the opinions expressed are those of SkyOak as of the date of writing and are subject to change. Any research is based on SkyOak proprietary research and analysis of global markets and investing. The information and/or analysis presented have been compiled or arrived at from sources believed to be reliable, however SkyOak does not make any representation as their accuracy or completeness and does not accept liability for any loss arising from the use hereof. Some internally generated information may be considered theoretical in nature and is subject to inherent limitations associated therein. There are no material changes to the conditions, objectives or investment strategies of the model portfolios for the period portrayed. Any sectors or allocations referenced may or may not be represented in portfolios of clients of SkyOak, and do not represent all of the securities purchased, sold or recommended for client accounts.

Due to differences in actual account allocations, account opening date, timing of cash flow in or out of the account, rebalancing frequency, and various other transaction-based or market factors, a client’s actual return may be materially different than those portrayed in the model results. The reader should not assume that any investments in sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. The use of tools cannot guarantee performance. Past performance is no guarantee of future results. The information provided may contain projections or other forward-looking statements regarding future events, targets or expectations, and is only current as of the date indicated. There is no assurance that such events or targets will be achieved, and may be significantly different than that shown here. The information presented, including statements concerning financial market trends, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons.

Market indexes are included in this report only as context reflecting general market results during the period. SkyOak may trade in securities that are not represented by such market indexes and may have concentrations in a number of securities and in asset classes not included in such indexes. Accordingly, no representations are made that the performance or volatility of the model allocations will track or reflect any particular index. Market index performance calculations are gross of management and performance incentive fees.

Awards & Recognition:

Awards listings, rankings and/or recognition by unaffiliated rating services and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if SkyOak is engaged, or continues to be engaged, to provide investment advisory services, nor should it be construed as a current or past endorsement of SkyOak by any of its clients. Awards listings, rankings and/or recognition published by magazines, and others generally base their selection exclusively on information prepared and/or submitted by the recognized adviser.

Account Specific Information

If you are accessing this site to obtain information concerning you specific client account, it is important to note that we have provided this information regarding your account(s) based on sources we believe to be accurate. To ensure accuracy, you are encouraged to compare your account information with the information contained on the statement from the corresponding time period from the custodian of your account. Please contact us or the account custodian with any questions you may have. Also, please notify us promptly if you do not receive statements on all accounts from the custodian on at least a quarterly basis.

Hyperlinks

The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this site. We make no representation as to the completeness or accuracy of information provided at these sites and the information and opinions on this site provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. It is given for informational purposes only and is not a solicitation to buy or sell the securities mentioned. The information is not intended to be used as the primary basis for investment decisions, nor should it be considered as advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.

Insurance

Life insurance and long-term care insurance are medically underwritten. As such, our actual premiums are not guaranteed and may vary from any initial quotation you receive. You should not cancel your current coverage until our new coverage is approved and in force. Surrender charges may be due on an exchange of one contract for another. A change in policy may incur fees and costs, and may also require an examination. Surrenders may be taxable. You should consult your own tax advisors regarding tax liability on surrenders.

No Warranties

The report and the information is provided in an “as is, where is” basis and RBC Trust Company (Delaware) Limited and its affiliates do not make any express or implied warranties, representation, endorsements or conditions with respect to the this report or the information, including without limitation, warranties as to merchantability, operations, non-infringement, usefulness, completeness, accuracy, currentness, reliability and fitness for a particular purpose. This disclaimer of warranties applies to the fullest extent permitted by law.

Leaving Site Disclaimer

This page contains links to third-party company websites. By selecting a link, you will be leaving our website and launching a new browser window. These links are provided for informational purposes only and should not be viewed as an endorsement, sponsorship, solicitation or other affiliation with respect to any third parties. We are not making any recommendations or providing any advice on securities in particular or investments in general. Neither SkyOak nor KW Securities have reviewed the content of, and are not responsible for, the information or the results of the third-party websites.